Here is a great investment opportunity with 11.5% Cap rate. $125200 income on $1.099.000 investment.
Two identical buildings stand side by side on a 75x100 lot. 165 Corson has been approved as a legal two-family residence, and the seller is currently awaiting a Letter of No Objection for 163 Corson to be approved as a two-family unit as well. Despite the potential upside, the seller has priced these two buildings for a three-unit sale, with two of those units being delivered vacant in November. Each unit is extremely spacious, featuring an eat-in kitchen, living room, dining room, and three bedrooms, which can be utilized as four-bedroom rentals. Each unit has a separate boiler and hot water tank (2 new boilers and 3 new hot water tanks) leaving the seller with expenses only for water, insurance, and property taxes. 2 of the apartments will be delivered vacant, rent is projected as fully occupied. Conveniently located to the Staten Island Ferry, express buses to NYC, and the new Empire Outlets, with easy access to the Verrazzano-Narrows Bridge.
Gross income: $141600
Total expenses (including taxes): $16200
Net income: $125200